a statement of extreme agreement/praise for a particular activity that one of your friends has engaged in. can also be used sarcastically to point out a flaw in logic or action (example. when something is not well played, but you say it was in a sarcastic tone).
dude 1: did you get that girls number last night?
dude 2: not only did i get her number, i boned her and didn't call her.
dude 1: well played my friend!
dude 1: i tried to, but was unsuccessful in my mission to impregnate the homecoming queen.
dude 2: well played my friend.
dude 1: stfu you couldn't have nailed her either.